Major global refiner to pay for Russian oil in rubles – Reuters: Global refinery to settle payments for Russian oil in rubles : Analysis

Reliance Industries and Rosneft have reportedly secured a one-year agreement for monthly oil supplies of up to three million barrels, to be paid in rubles. The deal includes two shipments of Urals crude at a discount of $3 per barrel and up to two shipments of low-sulfur crude at a premium of $1 per barrel to Dubai quotes. The transactions will be facilitated by HDFC Bank and Gazprombank. India’s increased imports of Russian oil come amid Western sanctions on Russia, leading to discounts and a shift towards local currencies in trade settlements.

Analysis:
The article provides specific details about a reported one-year agreement between Reliance Industries and Rosneft for monthly oil supplies. The sources cited are reputable companies like Reliance Industries, Rosneft, and prominent banks like HDFC Bank and Gazprombank, enhancing the credibility of the information.

The presentation of facts regarding the discount on Urals crude and premium on low-sulfur crude, as well as the use of rubles for payment, adds to the article’s informative value. However, it is important to note that the article does not mention the date of this agreement or provide direct quotes from officials involved, which could impact the overall reliability of the information.

There is a potential bias in the way the article frames India’s increased imports of Russian oil amid Western sanctions as a strategic move to capitalize on discounts and shift towards local currencies. This bias could influence readers to perceive the deal positively without considering the broader geopolitical implications or ethical concerns related to trading with sanctioned entities.

In the context of the prevalent political landscape and the spread of fake news, this article could be used to shape a narrative that portrays India’s economic interests as prioritized over international norms or alliances. As fake news often thrives on sensationalism and partial truths, this report, although based on factual information, may contribute to a skewed understanding of the complex dynamics at play between India, Russia, and the West.

In conclusion, while the article provides specific details about the Reliance-Rosneft oil agreement, it is essential for readers to critically evaluate the information presented, considering potential biases and the broader context of geopolitical relations. The use of multiple credible sources and inclusion of official statements could enhance the reliability and depth of the article.

Source: RT news: Major global refiner to pay for Russian oil in rubles – Reuters